JISF expects Japanese crude steel output and demand to be flat in 2024

Friday, 22 December 2023 14:24:18 (GMT+3)   |   Istanbul
       

In November this year, Japanese crude steel production was down by 5.3 percent compared to the previous month and by 0.9 percent compared to November 2022, totaling 7.1 million mt, according to the data released by the Japan Iron and Steel Federation (JISF).

Meanwhile, in the given month Japan’s pig iron production totaled 5.03 million metric tons, down by 6.9 percent compared to the previous month and by 1.4 percent year on year.

In the January-November period this year, the country’s crude steel output stood at 80 million metric tons, down by 2.8 percent, while its pig iron production came to 57.9 million metric tons, falling by 1.9 percent, both on year-on-year basis.

JISF noted in its latest forecast that although Japan’s domestic demand is expected to recover in 2024, global economic slowdown is putting pressure on demand, investment and exports. For the next year, Japan’s crude steel production will move sideways compared to 2023.

Steel demand coming from the construction sector is expected to see a decline due to high material costs and labor shortages, while large-scale projects are doing well mainly in the Tokyo area. Strong housing prices have also put downward pressure on property purchases, hindering demand. On the other hand, Japan's automotive industry is likely to see an increase in demand for steel, with JISF expecting the backlog of orders to be gradually completed.

The production volume of some steel products in Japan can be seen in the chart below:

Product         

November 2023 (mt)         

M-o-m change (%)         

Y-o-y change (%)         

Hot rolled section         

400,400         

-2.1         

-7.3      

Bar         

676,800       

-0.9       

-5.7     

Wire rod         

100,800         

-14.6         

-5.3        

Heavy plate         

596,200         

-16.1         

-23.1    

Hot rolled wide strip         

2,838,000         

-9.1         

-3.2         

Cold rolled wide strip         

1,151,400         

-4.8      

+0.4        

Galvanized sheet         

727,500         

-0.4      

+2.8        

Welded pipe         

255,600         

-3.4       

-6.9         


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